Originally published by Haynes and Boone Benefits Group.
The Paycheck Protection Program and Health Care Enhancement Act (the “PPP/HCE Act”), signed into law on April 24, 2020, clarified how the affiliation rules apply to businesses that sponsor employee stock ownership plans (“ESOPs”). According to the PPP/HCE Act, for purposes of the Paycheck Protection Program, a business’s participation in an ESOP will not result in an affiliation between the business and the ESOP (or with the participants in the ESOP).
A copy of the PPE/HCE Act can be found here.
The post New PPP Guidance Clarifies Affiliation Rules If a Business Sponsors an ESOP appeared first on Haynes and Boone Blogs.
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